• Thursday, May 23, 2024
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BusinessDay

Lagos-Benin Expressway: The many uninsured risks

Four reasons truckers want ‘extortion points’ removed

Travelling from Lagos to Benin by road gives you an opportunity to not just feed your eyes with interesting country-side scenes of green plants on the road, but also gives you the opportunity to undertake curios assessment of what people and businesses are losing as a result of road accidents.

Agreed that a lot of work is being done on the road presently having been awarded to Julius Berger by the Jonathan administration after many years of abandonment by previous administrations, that road remains a concern for road travellers and motorists due to the many accidents caused mostly by container-bearing articulated vehicles and other heavy duty trucks.

Most times, these road mishaps are caused by the carelessness of truck drivers who also often end up being victims of the accidents or are as results of the poor state of the road which is filled with potholes and gullies which leads to the collapse of these heavy duty trucks at different points on the road.

READ ALSO: Itakpe-Warri rail line testimony of Buhari’s resolve to improve infrastructure – Julius Berger

Millions of naira was being lost on a daily basis on that road, and it is difficult to pass through the road without finding at least 10 articulated vehicles crashing by the roadsides on each given day.

Without a doubt, businesses are losing millions of naira and if there is no insurance protection like ‘goods on transit cover’, then this would be meaning so much to the economy.

Goods in transit insurance are an annual cover where premium is based on the value of goods in transit, at the insured’s risk, during the policy period. It is the simplest and most convenient way to cover the insured’s inland transit risks.

Either all risks of loss or damage or defined events for goods or death by natural and accidental causes or accidental causes only for livestock can be covered.

Modestus Anaesoronye